PNK May Lose Riverboat License
Pinnacle intends to fight the recommendation that the Missouri Gaming Commission revoke its President Casino license.
In a letter to PNK CEO John Giovenco, Commission Executive Director Gene McNary accused PNK of deliberately trying to minimize operations at the old St. Louis riverboat to “just sustain the losses for as long as we have to” in order to hold onto the license.
McNary will ask the Commission at its January 27 meeting to strip the license. PNK has filed for a stay of such an order with the Missouri Court of Appeals.
Revocation would open the way for other casino aspirants to grab the license, including a potential competitor to Pinnacle in north St. Louis County, and another not too far from Ameristar near Kansas City.
It would also undo some of what PNK accomplished in 2008 when it and ASCA won a referendum that capped casino licenses to the existing 13, seemingly giving PNK three licenses and no new competition for either company.
PNK has made several efforts to make the President more productive, including moving to another location not next to Lumiere Place, replacing it with a more modern vessel, and repairing its hull while in place.
PNK’s licenses for its Lumiere Place and soon-to-open River City casinos are unaffected by whatever happens to the President.
Meanwhile, the loss of the President would have little near-term affect on PNK as operations have been pared back and the boat contributes little financially.